Need to formalise processes to fight fraud
Companies venturing abroad will have to step up procedures to assess risks in foreign markets, reports MELVIN YONG
COMPANIES expanding into regional markets will need to develop formal processes to identify and assess potential fraud risks in their target markets, say industry watchers.
These include having to carry out due diligence to better understand the foreign business partners and parties that will conduct business on their behalf.
"As long as people have material needs and wants, there will be fraud. The challenge for companies is mitigating the risks fraud presents to an acceptable level but they can never banish it altogether," said Owen Hawkes, partner at KPMG in Singapore.
"What is needed is a concerted effort to understand the risks a given organisation faces, to put in place a holistic suite of measures to mitigate those risks, and education and …
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